Out of Work Family Hit by the Recession Finds Ways to Cut Costs: A Continuing Series on Coping

The recession hit us last autumn. We didn’t know, however, just how disastrous things would get until — in an instant — we had no money.In early March, we tried to transfer funds from our home equity credit line to pay a bill. There was no money available. Our lender had reappraised our house, depreciating the value by more than $100,000, and wiping out the money that would have carried us for at least a year.

When my husband learned in mid-November his last day of work would be Dec. 31, he wasn’t too worried. He’d always enjoyed long-lasting jobs with easy transitions and had never experienced unemployment. He was shocked when he didn’t get another position open at his company.